Market Wrap: Bitcoin Tests $11.5K; Ether Futures Open Interest Flattens

Market Wrap: Bitcoin Tests $11.5K; Ether Futures Open Interest Flattens


Bitcoin is turning bullish Thursday while ether futures open interest sticks around $1 billion the past month.

Bitcoin (BTC) trading around $11,537 as of 20:00 UTC (4 p.m. ET). Gaining 1.5% over the previous 24 hours. Bitcoin’s 24-hour range: $11,249-$11,543 BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.

Bitcoin trading on Bitstamp since Oct. 13.

Source: TradingView

Bitcoin’s price is on the rise Thursday, moving from a mostly flat trend to hit as high as $11,543 on spot exchanges such as Bitstamp. It was changing hands at $11,537 as of press time. 

The move upward arrives as the world’s oldest cryptocurrency has struggled to stay above $11,500 since Oct. 13. Andrew Tu, an executive at trading firm Efficient Frontier, said this phenomenon, often known as “resistance” where traders take profits, creates sell momentum and holds back bitcoin from pushing higher.

“There

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